PHILIPPINES: Costs batter Ginebra San Miguel Q2
Ginebra San Miguel has posted a sharp fall in Q2 net profit as rising costs took their toll. The Philippine liquor maker said yesterday (15 August) that earnings for the three months fell by a massive 80% to PHP109.08m (US$1.96m) from PHP534.36m in the corresponding period last year. Sales remained flat at PHP3.2bn from PHP3.01bn.
For the half year, net profit dipped by 50% to PHP476.94m from PHP954.02m. Sales were up slightly for the period to PHP6.2n from PHP6.04bn a year earlier.
Volumes for Ginebra in the first half fell by 10%. The company said it was hit by fuel price rises and product price increases earlier in the year.
Costs of sales lifted in the first half by 15% to PHP4.3bn as the high prices of molasses and alcohol, packaging materials and distribution expenses made their presence known.
Looking forward, Ginebra warned that cost pressures, especially for molasses and alcohol, will continue as World oil prices are expected to remain high. The unit of San Miguel Corp forecast new products and packaging enhancements in the near future will help improve volumes, however.
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